Bank of Jordan Group Adopts Comprehensive International Sanctions Compliance Program

Strengthening Anti-Money Laundering and Counter-Terrorism Financing Measures

The Bank of Jordan Group has introduced a comprehensive international sanctions compliance program to enhance its anti-money laundering (AML) and counter-terrorism financing (CFT) measures. This Master Policy is applicable to all members of the Bank of Jordan Group, including foreign branches and subsidiaries.

Monitoring Checks and Escalation

• The administrative director of each unit, branch, or division is responsible for conducting regular monitoring checks to verify the accuracy of the money laundering risk profile and identify any weak monitoring environments.
• Market risk and operations units submit periodic reports to the risk committee, which includes recommendations to upgrade monitoring environments.
• The inspection and internal audit unit submits periodic reports to the audit committee regarding audit results, including any observations related to deviations arising from implementing international financial sanctions compliance programs.

Awareness and Training

• The compliance department, in coordination with the training unit, organizes periodic training courses for all employees to raise awareness on international economic sanctions.
• Topics covered in the training program include:
  • Concept of international economic sanctions
  • Introduction to international committees that issued sanctions
  • Importance of complying with sanctions
  • Risk of breaching sanctions
  • Employee roles in achieving compliance

Record Keeping

• All documents, records, and reports related to the financial sanctions compliance program are recorded.
• The compliance department is responsible for keeping these records and providing them to competent authorities or relevant bodies upon request.

Policy Review and Approval

• The compliance department is responsible for annually reviewing the policy and amending it if necessary.
• The Board of Directors, represented by competent committees, is responsible for approving the policy and amendments thereto.
• This policy takes precedence over any local laws or regulations that may conflict with its provisions.
• In the event a foreign branch or subsidiary creates a sub-policy emanating from this master policy, it must be approved by the competent unit/division and coordinated with the compliance department at headquarters.

Objective

The Bank of Jordan Group’s international sanctions compliance program aims to ensure that all members of the group comply with international financial sanctions and regulations. The program is designed to prevent breaches of sanctions and protect the integrity of the banking system.